Business intelligence firm MicroStrategy announced its Bitcoin acquisitions for the fourth quarter of 2023 in a press release on Feb. 6.
MicroStrategy President and CEO Phong Le said:
“2023 was an extraordinary year for MicroStrategy as we strategically raised capital to significantly increase our bitcoin holdings … We believe that the combination of our operating structure, bitcoin strategy, and focus on technology innovation provides a unique opportunity for value creation for our shareholders.”
The company said it had acquired 31,755 BTC since the end of Q3 2024 for $1.25 billion, or $39,411 per bitcoin.
MicroStrategy now holds 190,000 BTC at a total cost of $5.93 billion, or $31,224 per BTC, as of Feb. 5, 2024. The current market value of those Bitcoin holdings, however, is significantly higher at approximately $8 billion.
MicroStrategy CFO Andrew Kang noted that the latest additions marked the firm’s largest quarterly Bitcoin holdings increase in three years and its 13th consecutive quarter of Bitcoin purchases. Kang added that, apart from using its strategic capital markets activities and cash on hand to obtain BTC directly, the company benefited from an increase in Bitcoin prices during the final quarter of 2023.
Michael Saylor, founder and chairman of MicroStrategy, added that the company purchased 850 BTC in January at a price of $37.2 million.
As for MicroStrategy’s non-Bitcoin performance, total revenues for Q4 were $124.5 million, down 6% year-over-year. Subscription services revenues were $21.5 million, up 23% year-over-year. MSTR stock was up 1.51% on Feb. 6.
MicroStrategy is the largest corporate Bitcoin investor
In its announcement today, MicroStrategy described itself as the largest corporate holder of Bitcoin. Data from CoinGecko suggests that the next largest Bitcoin treasury belongs to Galaxy Digital, which holds $754 million of BTC — approximately ten times less than MicroStrategy’s current holdings.
Other corporate treasuries with significant Bitcoin include those at Marathon Digital and Hut 8, Elon Musk’s Tesla, and Coinbase.
In all, 28 companies hold $11 billion worth of Bitcoin, or about 1.35% of the total Bitcoin market cap, according to CoinGecko data.